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16. August 2002 |
Unfrozen Yugoslav deposits lure offshore investors
LONDON - Unfrozen Yugoslav savings deposits restructured as euro-denominated bonds could be attractive for many investors looking for higher-yielding assets.
Serbia plans to issue 4.2 billion euros worth of bonds on Monday in exchange for foreign-currency deposits frozen under the regime of Slobodan Milosevic.
The bonds are intended as compensation for about 2.5 million local depositors who have waited for many years to get their money back.
"We are going ahead with the deposit-bond swap on Aug. 19," Nikola Zivanovic, advisor to the governor of the National Bank of Yugoslavia, said today.
Though the deal structure aims to please the holders of the frozen savings deposits, Zivanovic said he believes that foreign investor interest will be good. (Dow Jones)
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